Iraq’s 14 million barrels of trapped oil travels through Strait of Hormuz

Iraqi oil stranded by the Middle East conflict has escaped the Persian Gulf over the past ten days as transit via the Strait of Hormuz eased during an uneasy US-Iran ceasefire.

Vessels carrying about 14 million barrels of Iraqi oil exited the Gulf in the latter part of June and are now carrying crude to buyers in Asia, Europe and the US, according to tanker tracking data compiled by Bloomberg.

That is the equivalent of about 1.4 million barrels a day over the 10-day period.

All cargoes loaded since late February – and that were stuck inside the Gulf – have now sailed towards their final destination, the data show.

Hundreds of ships were blocked inside the Gulf after the US and Israel started attacks on February 28, resulting in Iran’s near closure of Hormuz, the vital choke point for about a fifth of the world’s oil and gas supplies.

Shipping has picked up after the US and Iran agreed to pause hostilities in an effort to reach a lasting peace deal.